Weekly Crypto Analysis November 5-11, 2018

Weekly Crypto Analysis November 5-11, 2018

Bitcoin

Source: tradingview.com

For the past week, Bitcoin did not manage to advance higher and due to a new stream of bad news, the price had weakened in the first past of the week. Still, we see buyers emerging around 6,200, which is a key support level.

Also, there’s an ascending trend line, confirmed by four points thus far, which had not been breached by the sellers. As long as the price will stay above the trend line, we suspect the price action will head higher, towards the 4h chart 200 MA. Above the moving average, the 6,800 key resistance follows and could bring in new heavy sellers.

On the downside, we should see a close below the trend line and weak follow-up from the bulls in order to shift the current bullish bias. We still maintain our view and we believe Bitcoin will be higher at the end of the year, as long as the 6,000 floor won’t be broken.

Ethereum

Source: tradingview.com

Even though it moved lower, in line with the Bitcoin performance, the Ethereum price managed to erase almost all the losses of the week until the time of writing. Looking at the price action context, we see a diminishing volatility and low volumes, which usually happen when it comes to bottoming formations. We’ve mentioned many times in the last few weeks that Ethereum is due to form a bottom, but still, we have not seen that spark which can ignite strong bullish momentum.

Buyers had emerged around the 193 level, which forms a nice support area with the 188 level. We do not think sellers will manage to break below it, but if they will and buyers will be weak, further weakness should follow.

If the price will head higher, 208 and the 4h chart 200 MA will be next to watch. If buying power accelerates, 228 should be the next target for the bulls.

Bitcoin Cash

Source: tradingview.com

Among the major cryptocurrencies, Bitcoin Cash looks to have had the best performance this week, with the price up almost 30% since October 31st. The price had spiked higher today and closed below the 536 resistance level, which means at least a consolidation structure could begin to form.

If the price will retrace lower, we expect support around the 513 and 492 level, but overall, the bias should remain tilted towards the upside, since buyers look to become stronger.

A breach above 536 and daily close above it, will open more room towards 572 and make Bitcoin Cash one of the top candidates for a greater recovery until 2018 will end. We are saying that because the order flow seems to shift in favor of the bulls, only the last five days of buying covering a few weeks of selling.

Briefings about ICOs

According to icodata.io, Giza Device is an ICO project that is currently active. It aims to develop an all-in-one hardware crypto wallet and password manager with multiple key features.

In terms of upcoming ICOs, CDRX will start on November 5th and is aiming to convert existing equities and bonds into securitized crypto-tokens.